Facebook and Google are planning layoffs but they don’t want to call them layoffs. But they’re layoffs.
Facebook parent company Meta plans to reduce expenses by 10%, partly through layoffs. Facebook growth has stalled for the first time in the company’s history and forcing the company to cut back on expenses. According to the Wall Street Journal, “Meta reported having 83,553 employees at the end of the second quarter, up 32% from a year ago.”
Google is also asking some of its employees to apply for jobs elsewhere in the company or else.
This follows a hiring spree in 2021 but as economists have been predicting, layoffs are coming for everyone. Even the Silicon Valley.